"If CUU gets on a real run and goes parabolic, we will back in and not buy SC out. You can be 25% owners for a mine that will be built in 4 years"

I just don't see TCK being able to bring Schaft to production in 4 years. And TCK won't want that deadline they have to worry about meeting. Too much on the line there. (ABX's Donlin bankable feasibility study deadline is example of why majors don't like these kind of deadlines. They couldn't produce a BFS in time, and lost 50% of Donlin.)

That's why TCK will buy CUU out. But let's say they could develop a producing mine in 4 years. Once TCK has backed in, the auction for CUUs 25% begins, whether Teck likes it or not. And I don't think Teck wants Freeport, Barrick, or ??? sucking up 25% of the proceeds for the next 30 years after Teck had to line up financing for the mine development. The JV agreement was really designed to force a buyout, IMO.

What 25% of Schaft is worth is up for debate. But I don't see CUU having to worry about being a miner.